Oil tops $90 a barrel amid escalating US-Iran tensions

Global oil prices surged as tensions between the United States and Iran escalated in the Middle East.

Brent crude futures for November delivery rose 3.05% to $90.79 per barrel, the highest level since June 11. Brent prices gained 15.9% last week, marking their largest weekly increase since April.

US West Texas Intermediate (WTI) crude climbed 2.65% to $84.68 per barrel, its highest level since June 12. WTI also posted a 15.5% gain․

The price rally has been driven by escalating US-Iran attacks, as well as growing concerns over the security of energy shipments through the Strait of Hormuz. In recent days, the United States announced a naval blockade of Iranian ports, while Iran said it had targeted vessels it claimed had violated navigation rules in the Strait of Hormuz.

According to analysts, rising risks in the Strait of Hormuz—which handles roughly one-fifth of global oil trade—have heightened concerns over potential supply disruptions, pushing oil prices higher.